Small businesses in North Carolina have another source to turn to through a new program launched by Gov. Beverly Purdue that involves CUs and banks.
The Capital Access Network facilitates the process of accessing government loan guarantee programs for both businesses and participating credit unions and banks. Business advisers from the University of North Carolina's Small Business and Technology Development Center, N.C. Community College System's Small Business Centers and the N.C. Service Corps of Retired Executives are available to put together loan packages, which aim to increase a small business owner's chances for financing, according to CAN.
The North Carolina Credit Union League said credit union employees may refer any small or mid-sized business owner to a local business adviser through the Department of Commerce's Business Link North Carolina call center at 1-800-228-8443 or help@CANisLending.com. The BLNC staff will conduct an initial interview, provide some guidance on the documentation the business owner will need to support their loan application and refer them to a local business adviser. The business adviser will then work face-to-face with the business owner to improve their loan application and understanding of eligibility requirements for all types of debt financing, including debt guaranteed by the SBA and USDA.
If a credit union refers a client to one of the business advisers for assistance in preparing a loan package, the advisers have agreed to return that client to the institution for loan submission.